Chile Insurance, Companies & Insurance Quote

Insurance market in Chile is regulated by the Superintendent of Security Markets as well as insurance companies. Insurance in Chile was permitted to foreign organizations and the government insurers were privatized, while the market liberalized under military government.

There was an increase in the foreign insurers operating in Chile as automobile personal accident insurance for passengers, drivers and third parties as well as workers compensation were compulsory.

Insurance Market

The insurance market revealed in 2006 its direct premiums as US$4,741 million representing US$288.5 and this represented a growth of 6% in comparison to the earlier year, 2005. The SVS regulates the insurance companies and the related entities here in Chile.

Large brokers in Chile have 41.3% general insurance and only 9.9%life insurance. Marsh S.A is the pioneer in general insurance market having 31.2% share, followed by AON Risk with 24.5% and with 7.9%with Willis Insurance services.

Royal & Sun Alliance in 2006 January completed US$119 million of Cruz del Sur acquisition and made it the largest in Chile with 22% market share.

Insurance Providers

Insurance providers in Chile included Met Life Chile Seguros de Vida a part of Metropolitan life Insurance Company. It is a global leader in this business and offers a range of innovative products and aims to increase customers by 2010.

Insurance in Chile with insurance company such as Chub de Chile, a Chubb group is a prominent property and casualty insurance firm that has emerged from a small marine insurance company.

Insurance cover

Chile Insurance also includes Health Insurance Company for budget minded travelers. This company offers deluxe package including travel insurance and concierge services. Travel Guard International provides coverage for interruption, trip cancellation, travel delay, baggage and medical expenses.

HTH Worldwide Travel and International is a Chile insurance company providing travel and health insurance products.

The premiums on direct insurance in Chile in 2001 totaled to US $2.718 billion comprising of life insurance with US $1.881 billion and non-life insurance with US $non-life insurance. Some of the top Insurance providers in Chile are Liberty International that is the P&C Company and its main stream of business is the automobile insurances and property operating through its branches sited in major cities of Chile.

The strategy is based on quality service and profitable operations.